The global Virtual Pipeline Systems was valued at US$ 1.1 billion in 2022 and it is anticipated to grow up to US$ 2.2 billion by 2032, at a CAGR of 7.2% during the forecast period.
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Virtual pipeline systems organize the transfer of gas from one location to another in the absence of pipeline networks. It can be transported by road or rail in containers, or by sea in coastal or ocean-going tankers and barges. These virtual pipeline networks are mostly used to distribute natural gas to companies that are geographically difficult to verify and make investments in pipeline structures or tiny industries for typical LNG large-scale carriers. Virtual pipeline systems are used to provide natural gas to companies, commercial and residential clients, and power plants in almost any place that is accessible by road or sea.
Market Drivers and Trends
The increase in energy demand is one of the key drivers for the Virtual Pipeline Systems industry. Natural gas has recently acquired popularity since it burns cleaner than traditional fossil fuels such as coal, petrol, and diesel. Global warming is having major consequences for the planet, pushing a shift towards cleaner energy sources including natural gas. Virtual pipelines enable natural gas firms to increase their footprint by extending their reach outside their local market. Virtual pipelines are intended for the land transit of gas cargoes in containers through rail or road; however, they may also be delivered on the sea via coastal tankers and river ships. These systems can be used to provide natural gas to power stations and private consumers who, due to geological limits, are unable to engage in pipeline expansion.
Furthermore, increasing operations at remote locations is driving the market growth. The usage of a virtual-based pipeline should not be viewed as a permanent and permanent replacement, but rather as a rapid solution to send natural gas to regions where traditional channels are neither technically nor economically feasible. With natural gas, business is able to process and manufacture products and services utilizing energy sources, and it fails to keep up with emerging technologies that may be more cost-effective, have lower emissions, have greater quality, and be more dependable. Natural gas, a cleaner energy source than oil byproducts, may be used in the local market of any location by generating more competitive goods and services for internal and foreign rivals, boosting their penetration into new markets. These drivers are likely to propel market expansion.
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Market Restraints and Challenges
The rising adoption of renewable energy sources and volatility in gas prices is likely to hinder the market growth. The growing need for clean energy has resulted in the remarkable growth of solar, wind, and other kinds of energy throughout the world. The European continent, in particular, is increasing its renewable energy capacity. As a result, investments in the crude oil business and infrastructure development have decreased. This is projected to slow the growth of the virtual pipeline industry. Large corporations, according to the International Monetary Fund (IMF), have reduced their investments in oil infrastructure. Because of the rapid depletion of oil reserves, there has been a drop in oil reserve replacement and investment since 2014. Moreover, the volatility of natural gas prices is impeding the widespread adoption of natural gas throughout the world, which is projected to restrict the market in the forecast year. As a result, natural gas is exceedingly combustible and must be handled and transported with considerable caution, which is likely to stymie industry expansion. The shift in normal temperature may affect natural gas qualities that require specific care and insulation, raising total maintenance expenses. As a result, market expansion may be hampered. Hence, these aforementioned factors are likely to hinder the market growth.
Major Players in the Global Virtual Pipeline Systems
The key players studied in the global Virtual Pipeline Systems are Bayotech, Inc., CNG Services Ltd, Petroliam Nasional Berhad (PETRONAS) , RAG Austria AG , Quantum Fuel Systems LLC , Galileo Technologies S.A., Chart Industries, Inc., Shijiazhuang Enric Gas Equipment co., ltd, Fiba Technologies Inc. , and Hexagon Agility among others.
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COVID-19 Impact
The COVID-19 issue posed severe problems for the natural gas sector in 2020, resulting in a large reduction in worldwide economic activity and significant disruption of global supply lines. The resulting economic downturn impacted global demand and prices for crude oil, natural gas, NGL, refined petroleum products, CO2, steel, chemicals, and other products handled by market participants via pipelines, terminals, shipping vessels, and other facilities. Furthermore, lockdown measures have put strain on suppliers, both operationally and financially, as a result of the resultant decline in petrol prices. With relatively few exceptions, suppliers may continue to operate their facilities normally until compelled to temporarily reduce output owing to lower demand.
In addition to economic disruptions caused by events like COVID-19, general business conditions such as declining or sustained low commodity prices, supply disruptions, or higher product development or production costs have slowed its pipelines and terminals business services. However, energy efficiency enhanced electrification, and the greening of the power industry will play a significant role in the energy transition throughout the post-COVID-19 recovery.
Global Virtual Pipeline Systems Segmentation
By Type
- Standard Trailer
- Towable Trailer
By Gas
- CNG
- Hydrogen
- Others
By Pressure Rating
- Less than 3000 Psi
- 3001 to 5000 Psi
- More than 5000 Psi
By Application
- Industrial
- Transportation
- Commercial
- Residential
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